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UPDATE: Benchmark Raises Target to $60 on Cubic Corporation

Benchmark reiterates its Buy rating on Cubic Corporation (NYSE: CUB) and raises its price target to $60 from $52 a share as the company's backlog provides long-term growth visibility.

Benchmark notes, "Defense Systems' backlog was $504 million, down 7% y/y. Management had expected to ship approximately $210 million in the coming year from its $535 million backlog at the end of FY11, providing more than 60% visibility to our flat revenue forecast. We continue to like Cubic's global leadership in air and ground combat training systems, and we believe it can grow from taking market share in the US and continued expansion overseas."